Berkadia today announced the financing of CollegeTown Phase III, a 308-bed student housing project in Tallahassee, Florida. Senior Director Brad Williamson of Berkadia’s South Florida office arranged the $31 million loan for the borrower, Seminole Boosters Inc.

Theconstruction loan, through a regional bank, features a very competitive rate.

“The approval process was long, but we are excited to get to the end zone to assist the Seminole Boosters in achieving the most competitive construction loan terms in the marketplace for CollegeTown Phase III,” Williamson said. “CollegeTownPhase I & II have been a huge success creating a vibrant mixed-use facility adjacent to Florida State University as well as creating the perfect game-day experience for students, parents,FSU Alumni and the residents of Tallahassee.”

Located adjacent to Florida State University in the CollegeTown district, the seven-story student housing project features a structured parking garagewith 423 spaces and 3,550-square-feet of retail space. Developed by Alan Hooper and Tim Petrillo of Urban Street Development, the 1.79-acre lot is situated on the southeast corner of West Madison and Lorene streets. Construction is slated to begin in 2017.

With more than $200 million investments in the area, the CollegeTown District has seen more growth in student housing than any other area of Tallahassee, according to the Tallahassee Democrat.

“There has been a dynamic shift in student housing projects across the country. Students are looking for a live-work-play environment within walkable distance to campus,” Williamson said. “With its excellent location next to campus,CollegeTown has captured all three aspects of the live-work-play environment, which has contributed to its success. Boasting the highest rents in the submarket, CollegeTown has been completely stabilized since completion.”

About Berkadia®:

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.